The National Australia Bank Business Survey for February is due at 0030 GMT
The two 'headlines' are:
- business conditions, prior 19
- business confidence, prior 12
Given the turmoil in markets in February these may show a dip from January levels, which is likely to provide a wobble lower in the AUD (a few points), but as this is expected it should only be a fleeting impact. And topside surprise, on the other hand, should give the currency a lift. Bank previews:
ANZ:
We believe business conditions pulled back in February, in line with softer results from other business surveys. But conditions are likely to remain elevated.
- In particular, the construction sector is enjoying strong activity at present.
We will also be watching business confidence.
- The recent improvement is encouraging, but may be dampened by the bout of market volatility in early February.
NAB are terse with their what to expect:
- we offer nothing on the coming NAB Business Survey ... All we offer is a reminder that the January survey revealed Business Conditions at a near record high of +19 and Business Confidence at a well-above average +12.
- Other key metrics that are always worthy of attention include the capacity utilisation rate as well as what the Survey reports on business prices and costs, including labour costs
